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"Property" means the property that is located at 1666 N. Main Street in the City of Santa <br />Ana, and is more fully described in the "Legal Description" of the Property attached hereto as <br />Exhibit A and incorporated herein by reference. <br />"Restricted Units" means the units restricted as affordable by the City Documents. <br />"Scope of Work" means the detailed statement of the work to be performed by Owner <br />on and to the Property pursuant to this Agreement, which is attached as Exhibit H to the Loan <br />Agreement. <br />"Schedule of Performance" means the detailed schedule setting forth timeframes for <br />certain tasks, which document is attached as Exhibit I to the Loan Agreement. <br />"Senior Lender" means a commercial financial institution providing the Senior Loan or <br />any other holder of the Senior Loan Note. <br />"Senior Loan" means a loan from the Senior Lender, a construction loan in the <br />approximate principal amount of $18,000,000 with a term of approximately two (2) years or <br />a permanent loan(s) in the approximate principal amount of $3,788,911 with a term of <br />approximately 18 years and an amortization period of 30 years. <br />"Senior Loan Deed of Trust" means the first deed of trust securing the Senior Loan by <br />encumbering the Property. <br />"Senior Loan Documents" means, collectively, the loan agreement governing the <br />Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other agreement, <br />document or instrument that the Senior Lender requires in connection with the Senior Loan. <br />"Senior Loan Note" means the promissory note evidencing the Senior Loan from the <br />Senior Lender. <br />"Term of Affordability" the terms and conditions contained herein shall remain in <br />effect for fifty -five (55) years from the date of issuance of the Certificate of Completion. <br />"Very Low Income" means an adjusted income which does not exceed fifty percent <br />(50 %) of the area median income for the Orange County, California PMSA, adjusted for <br />household size, as published by HUD. <br />2. Use of the Property. Owner covenants and agrees (for itself, its successors, its <br />assigns, and every successor in interest to the Property of any part thereof) that Owner, such <br />successors, and assigns shall use the Property to provide affordable rental housing, for Very Low <br />Income households, as provided in the Loan Agreement and these Restrictions <br />3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROPERTY <br />3.1 Use Covenants and Restrictions. <br />25B -57 <br />